Vietnam Tightens Regulations on Cryptocurrencies

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The authorities of Vietnam have announced their decision to tighten regulations on cryptocurrencies, after a Vietnamese company, Modern Tech Jsc, has been accused of deceiving 32,000 people into investing USD $660 million into iFan and Pincoin cryptocurrencies.

Paying for goods and services in cryptocurrency is currently illegal in the country, where they are not recognised as legitimate tender by the central bank. However there are no laws in place banning the possession of assets such as Bitcoin and Ethereum.

After reports of the largest scam in the history of cryptocurrency, the Prime Minister Nguyen Xuan Phuc asked the Ministry of Justice and financial regulators to ‘control the activities related to Bitcoin and other digital currencies’ by issuing the state Directive dated April 11th.